Icon Realty Management borrows $28.9M from Bank Leumi for property in Chelsea

Icon Realty Management through the entity 133 W 25 Realty LLC as borrower signed a loan agreement with lender Bank Leumi Usa valued at $28.9 million for 1 parcel, including the tax class loft with more than eight stories (mid-Manhattan type with or without stores) (L1) at 133 West 25th Street in Chelsea. The deal closed on April 8, 2020 and was recorded on September 10, 2020.
The property contains a total of 45,449 square feet of built space. The property has 49,349 square feet of available development rights.
The average loan per buildable square foot is $380.
The financing adds about $5.5 million to $23.4 million already borrowed. The last time the property sold was February 1, 2017, for $33,000,000.

Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $2,127,085.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link